Newsroom

OECD’s Gurría comments on U.S. debt agreement

17/10/13 – OECD Secretary-General Angel Gurría said that while OECD countries breathed a sigh of relief following the U.S. Congress’ steps to lift the debt ceiling and to end the partial federal government shutdown, a longer term solution still has to be found.

“We commend the moves that have taken place, but these cliff hangers breed uncertainty and fear – two things that no one needs right now as countries try to exit the crisis,” said Mr. Gurría. “In our interconnected world, the deadlock needlessly put at risk the stability and growth not only of the U.S. but also of the wider global economy.

In light of the fact that the agreement raises the U.S. debt ceiling only until February 7 and funds the U.S. government through January 15, he also said “going forward, it will be crucial for the U.S. to find a sustainable medium and long-term fiscal plan.”

Mr. Gurría welcomed the establishment of the bipartisan Congressional Budget Conference Committee to help forge agreement on much needed budgetary reforms and contribute to a more stable framework for fiscal policy.